Bitcoin regulations in India ???

[jeni99]

India forbids cryptocurrency but wants to adopt blockchain but some time ago the government of India officially banned Bitcoin and although it is true it is only temporary

[Ethelbert Moore]

The committee was set up to take stock of the present status of virtual currencies both in India and globally, examine the existing global regulatory and legal structures governing virtual currencies, suggest measures for dealing with such virtual currencies including issues relating to consumer protection, money laundering and examine any other matter related to virtual currencies that may be relevant.

[iram3130]

They are not illegal in India but the government doesnt know how to regulate it. They have made a team and trying to understand the technology but the govts are always slow in learning. 

[makatia]

Yes, India they are illegally bitcoin, but I think bitcoin is not bad for the country, it benefits everything, it can help the economy grow more

[sonofliberty]

it is unavailable, that person must have a lot of money, i think the reality with buying bitcoin is the same as buying paper money, dollars for example, so be simple for that

[Alan Carey]

In India, bitcoin trade is carried by unregulated digital exchanges that are 11 in number according to Tax Department estimates. People are investing in money expecting huge returns as Bitcoin registered a price increase from just $1000 in January 2017 to $15000 at the end of 2017.

But anytime a burst can happen. In that case, investors will lose their money. As Bitcoin has entered a bubble phase and speculators have shown big interest in several other crypto variants, the RBI and Finance Ministry have come with timely warnings against dealing with crypto currencies.

The RBI as the central Bank issues money/payment related warnings on VCs. Regarding the asset/trading security side, the government and SEBI are giving their own cautions. Similarly, the tax Department is scrutinising the actions by investors to check the tax implications.

[Samuel Fields]

India is not the only country that is grappling with regulation issues in the crypto industry. Countries such as the US and South Korea have been sending mixed messages to their respectively growing crypto communities in the regulation that they employ. Conversely, Japan made history when it became the first country to declare cryptocurrency as legal tender in April 2017.

[bogdasha07]

Have you heard that Indian government has promised to make their draft regulation for the crypto sphere publicly available in July? Though there is still very little clarity regarding the future of cryptos in this country, I believe more details will be known soon.

[cathund3rra]

India adopting crypto will be a huge thing 1.3 bil people!

[Mhd-Bobbi]

I am reading somewhere that Bitcoin and other crypto currencies illegal in India as per Indian central bank announcement. In some other place i am seeing  RBI advises caution on its use, bitcoin is not illegal in India. Which one is true ?? Any clarification about this?

Indeed, the Indian central bank forbids financial companies dealing with cryptocurrency

1. Regulated financial institutions in India can no longer provide services to companies or individuals dealing with virtual currencies, the Reserve Bank of India says.
2. The statement comes as other regulators around the world are grappling with how to regulate digital assets like bitcoin.
3. The Reserve Bank of India was more open to blockchain, the technology that underpins virtual currencies, and says in the statement that it has the potential to improve the financial system.

[dadanpradana]

please note that because each word is different meaning, for example its a word banned and warning.

as before its Bitcoin has been commemorated in India, mainly from the Reserve Bank of India and is now open to the public for Exchange for every sale of Bitcoin and Fiat.
such as Zebpay and WazirX Exchage

[Mota satish]

Yes india government discussed to baned crypto Bitcoin but il think cryptocurency is not bad for country.

[svetochka.yakovleva.93]

Now in India there is a development of the crypto industry, but there they prohibit the launch of new projects! In India, it is always allowed, then forbidden! I know for sure that on September 10 there will be a meeting - on which the legalization of the crypto world will be discussed! so we are waiting for positive news!

[cxmyifan16]

I think that the regulations of btc aren't necessary. To my mind, it is better not to regulate btc, otherwise, it will lose its advantages and charm) i like it because of the absence of confidentiality

[gasanali]

I am reading somewhere that Bitcoin and other crypto currencies illegal in India as per Indian central bank announcement. In some other place i am seeing  RBI advises caution on its use, bitcoin is not illegal in India. Which one is true ?? Any clarification about this?

Hopefully there's uncertain situation with Bitcoin in India will end in a positive results for us all. Because if they will decide to eventually ban all that, I don't know how would react all those guys who are involved from there.

[crypto_Butterfly]

Zebpay closed the services, I wonder whats next to India, dang we need Indian community in crypto world rather than their government trying to shut them out.

[Cryptogid]

Banks, financial institutions and government branches in India are prohibited from dealing with Bitcoin.  That's not the same thing as it being illegal for the general public.  If you aren't a fiscally regulated entity, you can use Bitcoin freely.  When they say things like "the government does not recognise bitcoin as legal tender", they just mean they wouldn't let you pay your taxes with it, for example.  Bitcoin is not banned in India.

....I totally agreed with my senior,but there are exchanges that are registered like every other company, that exchange fiat with Crypto..

[hadveach]

this is old news, but you can read it here
1. https://ambcrypto.com/bitcoin-btc-banned-in-india-reserve-bank-of-india-releases-an-official-statement/

2. https://www.coindesk.com/indias-supreme-court-continues-ban-on-cryptocurrency-exchanges/

an important point that we can conclude is that the decision of the Indian government is a form of concern about the adverse effects of bitcoin.

[velive08]

news can not be fully trusted, but for news that often appears bitcoin banned in India will still continue to be the most important news. so I think bitcoin can be banned in India and the government has set the regulation.

[kominfo.id]

This bitcoin regulation is probably very much in need for some countries so that it can make bitcoin circulate legally in all countries because there are clear regulations.